Kirby Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter and Full Year of 2015
January 29, 2015 at 03:30 am IST
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Kirby Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported revenues of $668,297,000 compared with $568,397,000 for the same period last year. Operating income was $113,807,000 compared with $108,744,000 for the same period last year. Earnings before taxes on income were $108,783,000 compared with $102,905,000 for the same period last year. Net earnings attributable to the company was $68,051,000 or $1.19 diluted per share compared with $64,267,000 or $1.13 diluted per share for the same period last year. EBITDA was $157,946,000 compared with $149,414,000 for the same period last year. Capital expenditures were $121,046,000 compared with $46,180,000 for the same period last year.
For the year, the company reported revenues of $2,566,318,000 compared with $2,242,195,000 for the same period last year. Operating income was $475,812,000 compared with $436,182,000 for the same period last year. Earnings before taxes on income were $454,390,000 compared with $408,678,000 for the same period last year. Net earnings attributable to the company was $282,006,000 or $4.93 diluted per share compared with $253,061,000 or $4.44 diluted per share for the same period last year. EBITDA was $642,561,000 compared with $597,749,000 a year ago. Capital expenditures were $355,144,000 compared with $253,227,000 for the same period last year.
The company provided earnings guidance for the first quarter and full year of 2015. For the quarter, the company expects earnings of $1.05 to $1.15 per share compared with $1.09 per share.
For the year, the company expects earnings of $4.50 to $4.70 per share compared with $4.93 per share earned in 2014. The 2015 capital spending guidance range is $300 to $310 million and includes approximately $75 million for the construction of 39 inland tank barges and three inland towboats, all expected to be delivered in 2015. The guidance range also includes approximately $85 million in progress payments on the construction of two 185,000 barrel coastal ATBs and two 155,000 barrel ATBs. The balance of $140 to $150 million is primarily for capital upgrades and improvements to existing inland and coastal marine equipment and facilities, as well as diesel engine services facilities.
Kirby Corporation is a domestic tank barge operator. The Company transports bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. The Company, through its marine transportation segment (KMT), transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals by tank barge. It also participates in the transportation of dry-bulk commodities in the United States coastwise trade. Through its distribution and services segment (KDS), it sells after-market service and genuine replacement parts for engines, transmissions, reduction gears and power generation equipment used in oil and gas and commercial and industrial applications. It also rents a variety of power generation and industrial equipment, manufactures and remanufactures oilfield service equipment, including pressure pumping units, and manufactures electric power generation equipment for oilfield service customers.
Kirby Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter and Full Year of 2015